Harneys, a globally acknowledged offshore law firm, has entered into concrete agreements to dispose of its fiduciary business in an operation supported by Hillhouse, a worldwide private equity firm. The sale, the precise details of which remain confidential, is anticipated to endow Harneys with the capital necessary to stimulate the law firm’s strategic growth. The intended investiture will concentrate on innovative advancements including the creation of fresh products, services, and technology.
Law.com confirms that Linklaters counseled Harveys on the transaction; Hillhouse, on the other hand, refrained from revealing any information regarding its legal advisor.
Harneys Fiduciary was established in 1974 as a worldwide offshore corporate services provider. The entity offers corporate administration, alongside trust and fiduciary services, in varied locations, such as the British Virgin Islands, the Cayman Islands, Hong Kong, and Singapore.
Post-sale, according to William Peake, the global managing partner of Harneys, the fiduciary business and the law firm will still maintain a close relationship. This agreement will facilitate a robust, client-service-centered long-range partnership.
Peake reveals that a large chunk of the transaction’s earnings will be earmarked to constitute a technologically driven incubator fund. This fund aims to invest in innovative tech and products that will enhance business operations and delve into new market opportunities.
The firm will also offer novel services including a worldwide tax advisory service. Peake foresees his firm becoming the lone offshore law firm to have such a fund in place.
The fiduciary business will endure under the leadership of current CEO Ross Munro and CCO Pia Buchi. Sean Carney from Hillhouse anticipates a strategic partnership with the Harneys law firm after the transaction’s closure.
The deal’s closure is predicated on several conditions. These include the successful separation of the fiduciary business from the law firm and a few business restructurings.
Harneys’ primary strengths are in banking, finance, corporate, investment funds, litigation, insolvency, restructuring, tax, regulatory and private wealth matters. The firm is eminent for advising on transactional, contentious and private client needs in advantageous tax jurisdictions, for instance, the British Virgin Islands, Cayman Islands, Cyprus, Luxembourg, Bermuda and Anguilla. It has offices spread across Europe, Asia, the Americas and the Caribbean.
These advisory services cater to a clientele that includes international law firms, financial institutions, investment funds and private individuals. Additionally, Harneys has had significant traction in Latin America, particularly in Brazil.